SunTrust Banks Q4 Profit Up 18% - Quick Facts

(RTTNews) - Diversified financial services holding company SunTrust Banks, Inc. (STI) posted 18% higher fourth-quarter net income available to common shareholders of $413 million, or $0.77 per average common share, compared with $350 million, or $0.65 per average common share, last year. On average, 29 analysts polled by Thomson Reuters expected the company to report profit per share of $0.69 for the quarter. Analysts' estimates typically exclude special items. According to the company, the recent quarter earnings benefited from a 22% effective tax rate.

For the quarter, total revenue, on a fully taxable-equivalent basis, reached $2.06 billion, down $230 million, or 10%, versus the prior-year figure of $2.29 billion, driven mainly by lower net interest income and mortgage production income. Seventeen analysts projected revenues of $2.03 billion for the quarter. Net interest income amounted to $1.25 billion, and total noninterest income was $814 million for the latest period.